A top executive of San Miguel Corporation (SMC) reiterated Wednesday that the diversified conglomerate is keeping its 27 percent direct stake in electricity giant Manila Electric Co. (Meralco).

“SMC will keep its Meralco shares,” said San Miguel vice chairman and president Ramon Ang in a text message to reporters.

Ang sent a similar text message to ABS-CBN News late Tuesday after reports that the PLDT Group is interested to increase its 30 percent share in Meralco, the country’s largest power distribution company.

PLDT Group chairman Manuel Pangilinan, however, clarified that it is “willing to buy” more Meralco shares, not necessarily San Miguel’s, if there are sellers available.

“It is the prerogative of a shareholder to sell or not, and when, and when to sell, without specific reference to SMC or any other shareholder. As for us, we are open to acquiring shares at the proper price,” Pangilinan said in a press conference Tuesday.

Talks have been rife that PLDT and San Miguel groups are on for a board and proxy wars for control of Meralco, which will hold its annual stockholders meeting and board elections in May 26.

PLDT’s Pangilinan and San Miguel’s Ang, however, have maintained that they will try to work together in Meralco.

Cooperation

Ang said San Miguel will neither increase its current Meralco shares nor engage in a proxy war.

“SMC officially has not bought any shares [from the market],” he said. “We are happy and satisfied. We don't need so many [Meralco] shares.”

He added that San Miguel will not be involved in soliciting proxies for the May 26 Meralco board elections. “We never work that way. We never have to go with that kind of working relationship with anybody. Our support is with Meralco and its management.”

On Tuesday, PLDT’s Pangilinan said there are informal talks going on between representatives of the PLDT and San Miguel group

“We are in touch with SMC through certain back channels, and the thrust of this is to arrive at a working cooperation,” Pangilinan said.

He added, “Sale of shares has not been discussed, not part of both our agenda.”

Ang, for his part, said SMC can work with anybody, including the Pangilinan group.

Ang is currently the vice chairman of Meralco.
 

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